Report Summary 1. Investment Rating No investment rating information for the industry is provided in the report. 2. Core Views - China's foreign exchange reserve reached a new high since December 2015, mainly due to the continuous rise in the trade balance The central bank's gold holdings have been increasing for 14 consecutive months, indicating a trend of diversification of official reserve assets Globally, central banks have been accelerating gold purchases since 2022, and although the purchase volume in 2025 decreased compared to the previous three years, it is still at a high level historically Gold is squeezing the share of the US dollar as a central bank reserve asset [2] - The central bank conducted a 1100 - billion - yuan 3 - month term repurchase operation on January 8, which was an equal - amount hedge of the maturing repurchase and the third consecutive month of equal - amount renewal The central bank quickly reduced the OMO stock at the beginning of the month, and the inter - bank capital price increased slightly while the exchange price decreased slightly [3] 3. Content Summary by Category 3.1 Foreign Exchange and Gold Reserves - As of the end of December 2025, China's foreign exchange reserve was $3357.9 billion, a month - on - month increase of $1.15 billion, reaching a new high since December 2015 The gold reserve was 74.15 million ounces, a month - on - month increase of 30,000 ounces, with 14 consecutive months of increase [2] - From 2022 to 2024, global central banks had the highest net gold purchases in history, with 1080 tons in 2022, 1050 tons in 2023, and 1089 tons in 2024 In 2025, the purchase volume decreased to 634 tons but remained at a high level compared to historical data [2] 3.2 Central Bank Operations - On January 8, the central bank conducted a 1100 - billion - yuan 3 - month term repurchase operation to offset the maturing repurchase of the same amount It was the third consecutive month of equal - amount renewal The central bank quickly reduced the OMO stock at the beginning of the month, and the inter - bank capital price increased slightly while the exchange price decreased slightly [3] 3.3 Stock Market Performance - On January 7, the Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.06%, and the total trading volume of the two markets was 2854.141 billion yuan, an increase of 47.634 billion yuan from the previous trading day The ChiNext Index rose 0.31% and the STAR 50 Index rose 0.99% [4] - Internationally, the German DAX Index, South Korea's Composite Index, Wind All - A Index, and NASDAQ Index led the gains, with increases of 1.6%, 0.92%, 0.57%, and 0.19% respectively The Hang Seng Tech Index, Nikkei 225 Index, and Dow Jones Industrial Average led the losses, with decreases of 1.49%, 1.06%, and 0.94% respectively [4] - The closing yield of the 10 - year China Treasury Bond was 1.8988%, a change of +1.75BP The average daily prices of inter - bank R001 and R007 were 1.3365% and 1.5323% respectively [4] 3.4 Sector Performance - The top - performing sectors were the comprehensive, coal, electronics, and communication sectors, with increases of 3.86%, 2.47%, 1.25%, and 1.24% respectively The underperforming sectors were the petroleum and petrochemical, non - bank finance, beauty care, and computer sectors, with decreases of 1.73%, 1.13%, 1.03%, and 0.81% respectively [4] 3.5 Exchange Rates and Interest Rates - The US dollar index closed at 98.7426, up 0.14% The US dollar to offshore RMB exchange rate was 6.9935, and the offshore RMB depreciated by 106 basis points [5] - The latest value of the 10 - year US Treasury yield was 1.899, a change of 1.75BP The latest value of DR007 was 1.462, a change of 2.99BP The latest value of the US dollar to offshore RMB was 6.9935, a change of 0.18% The latest value of the US dollar index was 98.74, a change of 0.14% [14] 3.6 A - share Market Overview - The total market capitalization of A - shares was 112.27 trillion yuan, an increase of 3.53 trillion yuan from the beginning of the year The cumulative trading volume this year was 8.28 trillion yuan, with an average daily trading volume of 2760.361 billion yuan The PE (TTM) was 22.99x and the PB (MRQ) was 6.06x The margin trading balance decreased compared to a month ago [18] - Different A - share indices showed different performances on January 7, with the Wind All - A Index rising 0.19%, the Shanghai Composite Index rising 0.05%, the Shenzhen Component Index rising 0.06%, etc [18] 3.7 Industry Performance - The top three sectors in terms of daily increase were the comprehensive, coal, and electronics sectors [22] - The top three sectors in terms of daily net inflow of funds were the communication, banking, and light manufacturing sectors The top three sectors in terms of net inflow of funds at the end of the day were the electronics, national defense and military industry, and non - bank finance sectors [24] - The top three themes in terms of increase were semiconductor equipment, lithography machines, and the SMIC industrial chain [24]

Core Points - The Shanghai Composite Index has surpassed the 3900-point mark, reaching 3900.04 on October 9, indicating a positive market trend [1][2]. Market Performance Summary - The Shanghai Composite Index increased by 17.26 points, or 0.44% [2]. - The Shenzhen Component Index rose by 111.19 points, or 0.82% [2]. - The North China 50 Index decreased by 5.30 points, or 0.35% [2]. - The Sci-Tech Innovation 50 Index saw a significant increase of 52.08 points, or 3.48% [2]. - The ChiNext Index increased by 26.38 points, or 0.81% [2]. - The CSI 300 Index rose by 32.94 points, or 0.71% [2]. - The CSI 500 Index increased by 60.18 points, or 0.81% [2]. - The CSI A500 Index rose by 43.65 points, or 0.78% [2]. - The CSI 1000 Index increased by 39.24 points, or 0.52% [2]. - The Shenzhen 100 Index rose by 45.20 points, or 0.76% [2]. - The CSI Dividend Index decreased by 18.54 points, or 0.34% [2].

Market Overview - The Shanghai Composite Index opened at 3547.16 points, down 0.36% [1] - The Shenzhen Component Index opened at 10932.62 points, down 0.53% [1] - The ChiNext Index opened at 2307.37 points, down 0.66% [1] - The CSI 300 opened at 4037.94 points, down 0.42% [1] - The STAR 50 opened at 1034.13 points, down 0.26% [1] - The CSI 500 opened at 6190.34 points, down 0.37% [1] - The CSI 1000 opened at 6637.84 points, down 0.49% [1] Index Performance - The Shanghai Composite Index recorded a trading volume of 5.6 billion with a year-to-date increase of 5.83% [2] - The Shenzhen Component Index had a trading volume of 8.4 billion with a year-to-date increase of 4.97% [2] - The North Star 50 Index had a trading volume of 160 million with a year-to-date increase of 36.18% [2] - The Wind All A Index had a trading volume of 14.1 billion with a year-to-date increase of 10.22% [2] - The STAR 50 Index had a trading volume of 23 million with a year-to-date increase of 4.57% [2] - The ChiNext Index had a trading volume of 4.1 billion with a year-to-date increase of 7.74% [2] - The CSI 300 had a trading volume of 2.5 billion with a year-to-date increase of 2.62% [2] - The CSI 500 had a trading volume of 2.1 billion with a year-to-date increase of 8.11% [2] - The CSI 800 had a trading volume of 4.6 billion with a year-to-date increase of 4.02% [2] - The CSI 1000 had a trading volume of 3 billion with a year-to-date increase of 11.42% [2] - The CSI 2000 had a trading volume of 3.9 billion with a year-to-date increase of 20.32% [2] - The Wind Micro-Stock Index had a trading volume of 5.01 trillion with a year-to-date increase of 50.60% [2]

Market Overview - The Shanghai Composite Index closed at 3566.55 points, down 0.19% [1][3] - The Shenzhen Component Index closed at 10992.87 points, down 0.15% [1][3] - The ChiNext Index closed at 2324.50 points, down 0.16% [1][3] - The CSI 300 Index closed at 4065.24 points, down 0.25% [1][3] - The STAR 50 Index closed at 1039.02 points, down 0.84% [1][3] - The CSI 500 Index closed at 6212.50 points, down 0.22% [1][3] - The CSI 1000 Index closed at 6657.24 points, down 0.06% [2] Trading Volume - The trading volume for the Shanghai Composite Index was 425.3 billion [3] - The trading volume for the Shenzhen Component Index was 569.67 billion [3] - The trading volume for the ChiNext Index was 289.8 billion [3] - The trading volume for the CSI 300 Index was 216.6 billion [3] - The trading volume for the CSI 500 Index was 158.5 billion [3] - The trading volume for the CSI 1000 Index was 219.9 billion [2][3] - The trading volume for the North Stock 50 Index was 13.3 billion, showing a significant increase of 37.26% [3] - The trading volume for the Wande All A Index was 1008.1 billion, with a change of -0.09% [3]

Market Overview - The Shanghai Composite Index opened at 3568.26 points, down 0.14% [1] - The Shenzhen Component Index opened at 11001.25 points, down 0.08% [1] - The ChiNext Index opened at 2323.92 points, down 0.19% [1] - The CSI 300 opened at 4069.93 points, down 0.14% [1] - The STAR 50 opened at 1047.38 points, down 0.05% [1] - The CSI 500 opened at 6221.05 points, down 0.09% [1] - The CSI 1000 opened at 6665.64 points, up 0.07% [1] Index Performance - The Shanghai Composite Index recorded a trading volume of 5.3 billion with a year-to-date increase of 6.46% [2] - The Shenzhen Component Index had a trading volume of 8.2 billion with a year-to-date increase of 5.63% [2] - The ChiNext Index had a trading volume of 4.2 billion with a year-to-date increase of 8.51% [2] - The CSI 300 had a trading volume of 2.4 billion with a year-to-date increase of 3.43% [2] - The CSI 500 had a trading volume of 2.0 billion with a year-to-date increase of 8.65% [2] - The CSI 1000 had a trading volume of 3.1 billion with a year-to-date increase of 11.88% [2]

Market Overview - The Shanghai Composite Index closed at 3615.72 points, up by 0.17% [1] - The Shenzhen Component Index closed at 11203.03 points, down by 0.77% [1] - The ChiNext Index closed at 2367.68 points, down by 1.62% [1] - The CSI 300 Index closed at 4151.24 points, down by 0.02% [1] - The STAR 50 Index closed at 1058.57 points, down by 1.11% [1] - The CSI 500 Index closed at 6314.69 points, down by 0.65% [1] - The CSI 1000 Index closed at 6718.48 points, down by 0.82% [1] Year-to-Date Performance - The Shanghai Composite Index has increased by 7.88% year-to-date [2] - The Shenzhen Component Index has increased by 7.57% year-to-date [2] - The North Stock 50 Index has increased by 38.72% year-to-date [2] - The Wande All A Index has increased by 12.38% year-to-date [2] - The STAR 50 Index has increased by 7.04% year-to-date [2] - The ChiNext Index has increased by 10.56% year-to-date [2] - The CSI 300 Index has increased by 5.50% year-to-date [2] - The CSI 500 Index has increased by 10.29% year-to-date [2] - The CSI 800 Index has increased by 6.72% year-to-date [2] - The CSI 1000 Index has increased by 12.77% year-to-date [2] - The CSI 2000 Index has increased by 21.22% year-to-date [2] - The Wande Micro-Stock Index has increased by 50.39% year-to-date [2]

Market Overview - The Shanghai Composite Index opened at 3608.35 points, down 0.04% [1] - The Shenzhen Component Index opened at 11262.98 points, down 0.23% [1] - The ChiNext Index opened at 2395.86 points, down 0.45% [1] - The CSI 300 opened at 4148.94 points, down 0.07% [1] - The STAR 50 opened at 1065.94 points, down 0.42% [1] - The CSI 500 opened at 6345.37 points, down 0.17% [1] - The CSI 1000 opened at 6758.33 points, down 0.23% [1] Index Performance - Shanghai Composite Index: Current price 3608.35, down 1.36, with a trading volume of 6.2 billion and a year-to-date increase of 7.66% [2] - Shenzhen Component Index: Current price 11262.98, down 26.43, with a trading volume of 7.8 billion and a year-to-date increase of 8.15% [2] - North 50 Index: Current price 1460.47, down 4.85, with a trading volume of 210 million and a year-to-date increase of 40.73% [2] - Wind All A Index: Current price 5658.03, down 8.28, with a trading volume of 14.3 billion and a year-to-date increase of 12.67% [2] - STAR 50 Index: Current price 1065.94, down 4.51, with a trading volume of 180 million and a year-to-date increase of 7.79% [2] - ChiNext Index: Current price 2395.86, down 10.74, with a trading volume of 3.5 billion and a year-to-date increase of 11.87% [2] - CSI 300 Index: Current price 4148.94, down 3.08, with a trading volume of 3.2 billion and a year-to-date increase of 5.44% [2] - CSI 500 Index: Current price 6345.37, down 10.76, with a trading volume of 1.6 billion and a year-to-date increase of 10.82% [2] - CSI 800 Index: Current price 4514.16, down 4.49, with a trading volume of 4.8 billion and a year-to-date increase of 6.81% [2] - CSI 1000 Index: Current price 6758.33, down 15.56, with a trading volume of 2.9 billion and a year-to-date increase of 13.44% [2] - CSI 2000 Index: Current price 2864.86, down 7.20, with a trading volume of 4.0 billion and a year-to-date increase of 22.01% [2] - Wind Micro Index: Current price 474047.37, down 538.33, with a trading volume of 450 million and a year-to-date increase of 50.06% [2]

Market Performance - The Shanghai Composite Index closed at 3597.94 points, up 0.12% [1] - The Shenzhen Component Index closed at 11217.58 points, up 0.44% [2] - The ChiNext Index closed at 2362.60 points, up 0.96% [2] - The CSI 300 Index closed at 4135.82 points, up 0.21% [3] - The STAR 50 Index closed at 1055.11 points, up 0.09% [4] - The CSI 500 Index closed at 6323.42 points, up 0.38% [5] - The CSI 1000 Index closed at 6729.98 points, up 0.35% [5] Year-to-Date Performance - The Shanghai Composite Index has increased by 7.34% year-to-date [6] - The Shenzhen Component Index has increased by 7.71% year-to-date [6] - The ChiNext Index has increased by 10.32% year-to-date [6] - The CSI 300 Index has increased by 5.11% year-to-date [6] - The CSI 500 Index has increased by 10.44% year-to-date [6] - The CSI 1000 Index has increased by 12.96% year-to-date [6] - The CSI 2000 Index has increased by 21.86% year-to-date [6] - The Wande Micro-Index has increased by 50.40% year-to-date [6]

Market Overview - The Shanghai Composite Index closed at 3587.69 points, down 0.17% [1] - The Shenzhen Component Index closed at 11150.41 points, down 0.16% [1] - The ChiNext Index closed at 2342.39 points, up 0.10% [1] - The CSI 300 Index closed at 4119.24 points, down 0.19% [1] - The STAR 50 Index closed at 1051.37 points, down 0.27% [1] - The CSI 500 Index closed at 6293.77 points, down 0.09% [1] - The CSI 1000 Index closed at 6699.34 points, down 0.11% [1] Index Performance - The Shanghai Composite Index had a trading volume of 493.8 billion, with a year-to-date increase of 7.04% [2] - The Shenzhen Component Index had a trading volume of 629.3 billion, with a year-to-date increase of 7.07% [2] - The ChiNext Index had a trading volume of 284.2 billion, with a year-to-date increase of 9.38% [2] - The CSI 300 Index had a trading volume of 259.3 billion, with a year-to-date increase of 4.68% [2] - The CSI 500 Index had a trading volume of 202 billion, with a year-to-date increase of 9.92% [2] - The CSI 1000 Index had a trading volume of 228.2 billion, with a year-to-date increase of 12.45% [2] - The CSI 2000 Index had a trading volume of 282.1 billion, with a year-to-date increase of 21.26% [2] - The Wind Micro-Stock Index had a trading volume of 24.2 billion, with a year-to-date increase of 49.64% [2]

Market Overview - The Shanghai Composite Index opened at 3594.23 points, up 0.02% [1] - The Shenzhen Component Index opened at 11176.39 points, up 0.07% [1] - The ChiNext Index opened at 2346.38 points, up 0.27% [1] - The CSI 300 opened at 4128.20 points, up 0.03% [1] - The STAR 50 opened at 1054.91 points, up 0.07% [1] - The CSI 500 opened at 6305.22 points, up 0.09% [1] - The CSI 1000 opened at 6713.82 points, up 0.11% [1] Year-to-Date Performance - The Shanghai Composite Index has increased by 7.23% year-to-date [2] - The Shenzhen Component Index has increased by 7.31% year-to-date [2] - The North 50 Index has increased by 41.10% year-to-date [2] - The Wind All A Index has increased by 12.00% year-to-date [2] - The STAR 50 has increased by 6.67% year-to-date [2] - The ChiNext Index has increased by 9.56% year-to-date [2] - The CSI 300 has increased by 4.91% year-to-date [2] - The CSI 500 has increased by 10.12% year-to-date [2] - The CSI 800 has increased by 6.24% year-to-date [2] - The CSI 1000 has increased by 12.69% year-to-date [2] - The CSI 2000 has increased by 21.12% year-to-date [2] - The Wind Micro-cap Stock Index has increased by 48.97% year-to-date [2]